USPACE

About USPACE

USPACE Tech Co., Ltd., a Taipei-based company founded in 2017, operates as an online marketplace for parking spaces, positioning itself as a significant player in Asia's shared parking application market. The company was co-founded by CEO Song Jie-ren (Allen Sung), a serial entrepreneur with a background in marketing, public relations, and design. His experience losing a significant contract due to parking difficulties fueled his drive to solve urban parking challenges.

The firm's core business revolves around a mobile application that allows drivers to find, pre-book, and pay for parking spaces. This service addresses the common urban problem of finding parking by connecting drivers with available private and commercial parking spots. The business model generates revenue by facilitating these transactions and providing value-added services. For drivers, benefits include the convenience of securing a spot in advance and per-minute billing, ensuring they only pay for the time used. For parking space owners, USPACE offers a way to generate income from their otherwise idle assets. The platform has expanded to include a suite of mobility services under its eMaaS (electric Mobility as a Service) ecosystem, which encompasses electric vehicle charging, car rentals, airport transfers, technology-based insurance, car washing, and monthly parking subscriptions.

USPACE employs a combination of hardware and software to manage its network. A key product is the "ULOCK," an IoT smart lock that secures a parking space and is controlled via the app, preventing unauthorized use. The system also integrates with license plate recognition (LNPR) technology and automated access controls for seamless entry and exit at partner locations. The company has successfully raised significant capital to fuel its growth, securing $22.1 million over two rounds, including a Series B in December 2024. Major investors include Taiwan Mobile and the National Development Fund. This financial backing has supported its expansion, including the acquisition of Japanese parking platform Nokisaki, which significantly increased its user base and market presence in Asia.